FASB issued a proposed new chapter to its Conceptual Framework on Thursday that defines 10 elements of financial statements and seeks feedback from stakeholders. “The proposed new chapter of the ...

FASB on Wednesday issued a new chapter of its Conceptual Framework related to the recognition and derecognition of an item in financial statements. The chapter, Chapter 5 of FASB Concepts Statement No ...

The Financial Accounting Standards Board is proposing a new chapter in its conceptual framework that defines 10 elements of financial statements. The proposed chapter, Concepts Statement No. 8, ...

Discover what accounting changes are, how they affect financial statements, and why full disclosure is essential for ...

Learn about accounting interpretations, why they matter, and how they clarify standards, prevent errors, and provide consistency in financial reporting.

Consolidated financial statements combine a parent company's information with one or more subsidiary companies to produce one master document. Investors, lenders or regulatory agencies often require a ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...